Shalimar Paints clarifies on news item regarding take over

With reference to the news item appearing in leading financial daily titled "Takeover talks push up Shalimar Paints", Shalimar Paints Ltd has clarified that the news item is totally incorrect and has been published without verifying the facts from the Company. The Company categorically states that the promoters of the Company i.e. the Jindal Group and the Jhunjhunwala Group are not contemplating any sale of their stake and there is no discussion presently with any buyer for any sale of their stake. The news item is also not factually correct as the Jindal Group is not the only promoter groups of the Company. There are two promoter groups in the Company i.e. the Jindal Group and the Jhunjhunwala Group who hold equal stake of 31% in the Company.

Source : Equity Bulls

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